THORNEY TECHNOLOGIES LTD — Capital/Financing Update 2016

Dec 12, 2016

(formerly Australian Renewable Fuels Limited)

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ASX Announcement: 13 December 2016

ASX Code: ARW

CHAIRMAN’s ‘ TEK ’ UPDATE

Pursuant to ASX Listing Rule 3.17, please find attached a Chairman’s
TEK Update which has been sent to Thorney Technologies Ltd (formerly
Australian Renewable Fuels Limited) shareholders today.

Please direct enquiries to:
Craig Smith
Company Secretary
craig.smith@thorney.com.au

Level 39, 55 Collins Street, Melbourne Vic 3000 Telephone + 61 3 9921 7116 Facsimile + 61 3 9921 7100

(formerly Australian Renewable Fuels Limited)

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13 December 2016

Dear fellow shareholder

On Friday of last week all final approvals were achieved for the launch of
Thorney Technologies Ltd [TEK].

We can now confirm that in excess of $25m has already been subscribed for
TEK, thus ensuring the minimum level required for the issue to proceed.

As you know, I have committed to own at least 20% of TEK, so my interests
are fully aligned with those of all other shareholders.  In addition I
have reserved my rights to increase my holdings in the Company on market,
were the price to show weakness.

I am very excited about the opportunities ahead of us.

When we took over Thorney Opportunities only 3 years ago I set myself the
task of delivering great outcomes for all shareholders.  Since inception
we have delivered approximately 20% compound growth in NTA, and a more
than 40% increase in the share price of TOP.

TEK will gain the benefit of being able to participate in the best of the
best deals that Thorney, as one of Australia’s biggest family offices, see
presented to us.

It is anticipated that the Issue will close quickly and as you were a
shareholder in ARW I wanted to ensure you have every opportunity to join
me as an investor in TEK.

The prospectus can be downloaded hereor alternately feel free to contact
Hugh Robertson at Bell Potter Ltd on 03 92351777.

Best regards

Alex Waislitz
Chairman

Level 39, 55 Collins Street, Melbourne Vic 3000
Telephone: + 61 3 9921 7116 Facsimile: + 61 3 9921 7100